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Banc of California, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total assets of $33.4 billion, a decrease from $38.5 billion at the end of 2023. Total liabilities were reported at $29.9 billion, down from $35.1 billion.
Net interest income for the quarter was $232.2 million, compared to $229.5 million in the previous quarter. The provision for credit losses was $9.0 million, down from $11.0 million in the previous quarter.
Noninterest income for the quarter was a loss of $15.5 million, primarily due to a $59.9 million loss on the sale of securities.
Noninterest expense for the quarter was $196.2 million, down from $203.6 million in the previous quarter. Compensation and customer-related expenses were the largest components of noninterest expense.
Net earnings for the quarter were $8.8 million, compared to $30.3 million in the previous quarter. After preferred stock dividends, the net loss attributable to common stockholders was $1.2 million.
The company reported total deposits of $26.8 billion, a decrease from $30.4 billion at the end of 2023. Borrowings were $1.6 billion, down from $2.9 billion.
Cash and cash equivalents at the end of the quarter were $2.6 billion, compared to $5.4 billion at the end of 2023.
Banc of California completed its merger with PacWest Bancorp on November 30, 2023. The merger was accounted for as a reverse merger, with PacWest Bancorp deemed the acquirer for financial reporting purposes.
The company identified a material weakness in its internal controls over financial reporting due to a lack of resources with SEC financial reporting experience.
Banc of California does not anticipate cash dividend payments to common stockholders in the near future.
The filing details various financial agreements, including a secured line of credit with the Federal Home Loan Bank and a credit-linked note issuance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Banc of California Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.